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Suffolk Building Society Adopts TruNarrative for Financial Crime Mitigation

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Suffolk Building Society has opted to start using TruNarrative’s platform for real-time financial crime decisioning and risk rating, in a move which the UK mutual says will significantly improve the efficiency and speed of onboarding new mortgage customers.

Acquired by LexisNexis Risk Solutions in 2021, TruNarrative is UK based regtech which has developed a unified orchestration platform to help firms automate their fraud management workflows and reduce risk by streamlining the KYC and AML processes.

According to TruNarrative the decision is part of the digital transformation of the UK building society, providing its underwriters with the information needed to assess new mortgage applications electronically but without the need for any additional integrations or resources.

Ian Brighton, Chief Operating Officer at Suffolk Building Society (known as Ipswich Building Society until it rebranded last year) said the appointment of the platform will help to future proof the Society’s ability to manage risk.

“TruNarrative’s platform is a real game-changer for the Society,” he explained. “Not only will it digitalise and therefore streamline our approach to onboarding, meaning direct mortgage applicants and mortgage intermediaries will benefit from faster response times, it also enables us to take control of our own strategy. By allowing us to react to fraud and market trends and tweak our criteria as appropriate, we are not only mitigating our risk today but have the means to do so in the future too.”

The platform will now enable the building society to be able to perform enhanced fraud detection checks using Cifas, a UK provider of national fraud databases, allowing fraud to be reported directly back to Cifas from within the interface. TruNarrative added that this will further support the Cifas community and help to collectively to prevent fraud.

The Society will also be able to use the platform to verify a customer’s identity, documents, selfie and likeness, as well as screen for politically exposed persons (PEPs), sanctions and adverse media status.

“It’s fantastic to be working with such a forward-thinking and digitally-focused building society in the midst of their digital transformation,” said Edward Vaughan, Head of Banking at TruNarrative. “We are eager to support the future success and growth of the Society by helping them deliver a best-in-class customer experience for their customers.”

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